GFH Financial Group today announced that it has acquired an additional 21.8% stake in Global Banking Corporation B.S.C. (“GB Corp”) giving the Group a majority stake of 50.4% in the Bahrain-based investment Bank following Central Bank of Bahrain approval to acquire up to a 60% shareholding.
Established in 2007, GB Corp provides a range of Shari’a compliant investment banking services focusing on asset/wealth management, private equity, real estate investments, corporate finance advisory, structured finance and investment placement to high-net-worth individuals and institutional and government clients across the GCC countries as well as investing globally. In November 2019, the Central Bank of Bahrain approved GB Corp’s application to convert its license to a Category 1 Investment Business Firm in a move aimed at optimising its business model. As of December 2019, GB Corp reported total assets of US$125 million and assets under management of approximately US$500 million.
Commenting on the transaction, Mr. Hisham Alrayes, CEO of GFH, said, “We’re pleased to announce this important acquisition that will complement some of our associated investments and increase the size of our assets under management. The acquisition will also give us access to key portfolios and contribute to GFH’s profitability during the year.”